Social media and digital platforms: Balancing opportunities and risks
Have you thought about what you would do if you lost access to your business’s social media accounts?
23 October, 2024
Social media has become a powerful tool for small businesses, providing a platform for brand awareness, customer engagement and market reach. However, while the benefits are substantial, there are risks that need to be considered.
Businesses must remain vigilant against threats such as cybercrime, data breaches, and service outages, which can have a significant impact on business operations.
Hackers are increasingly targeting companies’ social media accounts to access sensitive information or spread misinformation. Businesses should invest in cybersecurity measures and be aware of how to defend against common cyber threats. Even simple steps such as enabling two factor authentication and thoughtful stewardship of account access rights can help prevent significant disruption to a business.
Additionally, reliance on third-party platforms means businesses are vulnerable to access loss, outages and changes in algorithms that can suddenly affect visibility and engagement.
The Commission has recently seen an increase in issues related to account access loss, unclear contract terms and conditions, payment delays and lack of communication from the platforms.
Businesses should maintain regular backups of data and diversify marketing strategies beyond social media and have a backup plan in the event that they are locked out of a critical account.
For more information on how to navigate digital platforms and protect your business, check out our resources below: